Respect Your Universe Inc. shareholders approved a stock option grant to President and Chairman Marcello Leone and approved a plan to change RYU's corporate jurisdiction from Nevada to the Province of British Columbia.
The Supreme Court of British Columbia has already approved a final order clearing the way for RYU shareholders to become shareholders of Respect Your Universe (BC), Inc., a British Columbia corporation which is currently a wholly-owned subsidiary of RYU. Under that process, shareholders will exchange their outstanding common shares of RYU for common shares of RYU BC, on a one for one basis, such that RYU will become a wholly-owned subsidiary of RYU BC.
Following completion of the plan, RYU BC is expected to change its name to “RYU Apparel Inc.” and have its common shares listed on the TSX Venture Exchange under the symbol “RYU,” and the common shares of RYU are expected to be delisted from the Toronto Stock Exchange (TSVX).
The TSXV must still grant final approval of the plan. Once final approval of the TSXV has been obtained, the company will set the record date and effective date for the plan and announce such dates by news release.
Respect Your Universe, Inc. is a global performance training and fitness brand with origins in the movements and philosophy of martial artistry, created for the multi-discipline athlete.